Updates :

1. Today (07.07.2016) is the last date for payment of TDS/TCS deducted/collected in June month of 2016.
2. Refund form (application for requesting refund of fees paid) available with effect from 05.07.2016, on MCA portal.
3. Income Computation and Disclosure Standards (ICDS) are to be applicable from 1.4.2016 i.e. previous year 2016-17 (AY 2017-18), postponed by one year.
4. Pre-School falls in the term ‘education’ as envisaged u/s 2(15). [Green Acres Educational Trust vs. DCIT (ITAT Mumbai)].
5. Interest on compensation for personal disability cannot be taxed. [Urvi Chirag Sheth vs. ITO (ITAT Ahmedabad)].

INSTITUTE FOR CORPORATE ACHIEVERS: Felicitation ceremony of shining stars of ICA........

INSTITUTE FOR CORPORATE ACHIEVERS: Felicitation ceremony of shining stars of ICA........

Felicitation ceremony of shining stars of ICA......

Felicitation ceremony of shining stars of ICA......

Updates:

1. Time period u/s 139 to comply with provisions of rotation, changed to 1st AGM held after 3yrs from commencement of Companies Act, 2013. Removal of Difficulties 3rd Order, 2016.
2. Form MR-1 (Return of Appointment) not required to be filed for CEO, CS, and CFO w.e.f. 30.06.16. Companies (Appt. & Remuneration of Managerial Personnel) Amendment Rules, 2016.]
3. Voluntary CSR Expense allowable as business expenditure. [ACIT vs. Jindal Power Limited (ITAT Raipur)].
4. Conflicting views of non-jurisdiction High Courts- Follow one in favour of Assessee. [R K P Company vs. ITO (ITAT Raipur)].
5. Canteen, Housekeeping and  cleaning service- CENVAT credit allowed. [M/S.Tata Steel Ltd. Vs. Commissioner Of Central Excise & Service Tax, Jamshedur (Cestat Kolkata)]

Updates:

1. Employees drawing salary of Rs.1.2Cr p.a. / 8.5Lac p.m. to be disclosed in board report. Companies (Appt. and remuneration of managerial personnel) amendment rules, 2016.
2. Dealers having gross turnover above Rs. 1 Cr in F.Y. 2015-16, are required to attach DSC with form DVAT 16/DVAT 17 for Q1 of 2016-17 and onwards. Notification of 1.6.16.
3. Under the 'Income Declaration Scheme' tax of forty-five per cent of such undisclosed income is there. The IDS is effective from June 1, 2016 and will remain open up to September 30, 2016. The declarant is required to pay tax up to November 30, 2016. In the recent FAQs issued on June 30, 2016 the CBDT has clarified that once the person had declared undisclosed income, no question will be asked from where such income or tax is coming from. So the effective rate of tax will be 31% as you have to pay 45% on 145 i.e. amount declared and tax paid thereon.
4. As per new guideline given by RBI spelling should be written in LAKH not LAC on cheque and Bank Mandate.
5. ICAI is inviting applications for empanelment of faculties for GMCS-OT-ITT and advanced ITT courses. Last date 15 July 2016. Link http://bit.ly/28PuF0k.
6. Bank of Baroda invites proposal for appointment of concurrent auditors of the bank for Branches/RBOs/CBOs/Other Units vide RFP for 545 of its Branches, 22 CBOS, 13 RBOs and 3 Other Units Last date : - 21/07/2016.

S.24: Income from house property- Deductions –Interest- Interest paid on borrowing for acquiring house is deductible under section 24(b) and as cost of acquisition under section 48.

The assessee borrowed funds for purchasing a house. The interest paid on the said loan was claimed as a deduction u/s 24(b). When the house was sold, the interest paid on the said loan was treated as “cost of acquisition” and claimed as a deduction u/s 48 in computing the capital gains. The AO held that as the interest had been allowed as a deduction u/s 24(b), it could not allowed again in computing capital gains. The CIT(A) allowed the claim. On appeal by the department to the Tribunal, held  dismissing the appeal:
Deduction u/s 24(b) and computation of capital gains u/s 48 are altogether covered by different heads of income i.e., income from ‘house property’ and ‘capital gains’. Neither of them excludes the other. A deduction u/s 24(b) is claimed when the assessee computes income from ‘house property’, whereas, the cost of the same asset is taken into consideration when it is sold and capital gains are computed under section 48. There is no doubt that the interest in question is an expenditure in acquiring the asset. Since both provisions are altogether different, the assessee is entitled to include the interest at the time of computing capital gains u/s 48.(A. Y. 2007-08)ACIT v. C. Ramabrahmam (Chennai)(Trib.) www.itatonline.o